A ‘Snapshot’ view of the Canadian Real Estate Scene

Want to know what’s happening on the Canadian real estate scene these days? Thanks for asking....here is the answer.

The resale market consistently surged forward throughout the first half of 2010 in virtually every major market across the country with the exception of Windsor, which is still feeling the impacted of the recent auto industry woes. 

In recent months, the record-breaking level of sales activity has begun to slow and level off.  However, it should be noted that a modest decline in sales activity is being weighed against record-breaking performances in the previous year.  The previous red-hot sellers market seen for the past few years is now moving into more balanced territory, as predicted in industry forecasts.  While the number of transactions is beginning to slow, housing prices have stayed stable, or even increased.   

House prices have reached record or near-record levels in every province.  National listings inventory is tight, fueling the market, and adding further upward pressure on prices.  However, inventory is expected to gradually grow as sales slow, despite the fact that relatively new listings are currently coming up for sale. 

Looking ahead, industry forecasts for 2011 are generally positive, calling for a leveling off of sales activity.  The days of double-digit price increases appear to be coming to an end for the near future, but moderate price increases are expected in many Canadian markets to the end of next year.

Of course, these are just national trends.  Sales activity and pricing can vary dramatically in different communities, neighbourhoods, and even on the same street. 

Feel free to contact me if you want City, Neighbourhood or even Street information.